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tv   Varney Company  FOX Business  November 5, 2013 9:20am-11:01am EST

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♪ >> obamacare, a political crisis, a financial crisis, too, and it's far worse than we thought. good morning, everyone. 129 million people? america's vast middle class will not be able to keep the health insurance they have. that's the new, much higher number from a duke university economist. that's not what the president told us, is it? when middle america takes a hit in an election year, that's a political crisis. headline in the wall street
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journal, young avoid the new health plans. that's a financial crisis because if they don't pay up, obamacare doesn't work. so, tax the rich? that's the question in many of the election races all around the country today. "varney & company" is about to begin. you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪
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>> if you like your health care plan, you'll be able to keep your health care plan, period. stuart: call it a lie, call it a deliberate deception, that was then, this is what the president is saying now. >> if you have or had one of these plans before the affordable care act came into law and you really like that plan, what we've said was you could keep it if it hasn't changed since the law passed. stuart: if your plan didn't
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change after the law was signed. that's a very big "if", he did not say that back then, did he? the whole question of deception dominates politics this morning and then there's this, young people not signing up for health coverage, look at kentucky where just 24% of enrollees so far are under 35 years of age. remember, please, young people are crucial to the plan. if they don't sign up, they can't pay for the older people who most certainly will sign up. look at this, the average age of new enrollees in michigan, 51 years of age. now, in a couple of minutes, senator johnnie isaacson is with us, i'm going to ask him did the president lie and is obamacare collapsing? more questions that we're asking this morning, number one, what is the price of the president's deception? judge napitano will join us on this. and what's going on inside the oval office right now? they're in crisis mode, so who is in the crisis meetings? doug schoen knows a thing or two about that and he'll be with us as well.
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how much money will go to subsidies? liz macdonald has crunched the numbers and not good. we're taking a look at kmart, please look at these pictures, would you want to shop at a place that looks like this. yeah, definitely they've got low prices, but will kmart stay in business looking like that? our retail vigilante took the pictures and he joins us coming up. what are you paying for there is a good chance you could find it for somewhere under $3 a gallon. 33 states have at least one place with a two handle. we'll tell you all about that one, too. @?? she loves a lot of the same things you do.
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♪ >> oh, well, a lot of us did believe what the president said. were we wrong to believe it. did he deliberately deceive us when he said yeah, we could keep our health care coverage if we liked it. johnsy isaacson is coming up with us. scott shellady is with us. we are going to open 60, 70 points down. you want to tell me why? do you have a reason du jour? >> yeah, you know what we had? we had negative talk overnight
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from the china how a loose monetary policy doesn't work and then the eu came out and downgraded their forecast, but to invoke the president's word, stuart, i'd like the viewing public to know although it's a bumpy ride, if you like your broker you can keep your broker. if you like your pension plan, you can keep your pension plan. stuart: that's cruel. when you start lampooning like that the president is in trouble especially from a man in a cow jacket. scott shellady indeed. and we're opening to the down side and not a huge drop. remember, please, we've run up nicely recently to well above 15,600. we're pulling back this morning and we expect to see the dow drop maybe 50 points after a couple of minutes' worth of business. and then we'll move on to individual stocks. can you believe that chipotle hit another all time high? the stock is well above 500 bucks. it's a burrito chain, remember, please. nicole, the opening price,
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please. nicole: well, it's slightly lower at 534.93. in the last 24 hours, new all-time high chipotle 536.56. and stuart, if you like your nyse reporter, keep your nyse reporter. stuart: everybody is jumping on the band wagon, if you like it you can keep it, not. and move on to pandora, that's another winner this morning. i suspect because more people are listening. nicole: it's more hours listening for listeners and the stock is up 6%. the active listeners moved to 70.9 million the end of october. and the hours listed, 1.47 billion. that was a gain of 18%. and raised the price target to 30 bucks. stuart: we should tell our viewers if you like the new york stock exchange reporter you can keep her and listen to her on xm satellite radio channel 113. if you're just leaving the
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house, you're off to work, channel 113. you can hear nicole petallides. thanks, nicole. nicole: thank you. stuart: two more stocks for you, we always say that content is king and netflix content in the movie business. the company just bought "the square", that's an original on the uprising in tahrir square. the film is getting oscar buzz. the stock is down $3, at 334. strong, dare i say democratic luxury spending giving michael kors a profit boost and remember, that's a charles payne pick and the stock is up 3 1/4%, 77 on kors. back to the obamacare disaster, that's what i'm calling it. we've got more numbers for you. the keiser family foundation says nearly 17 million low to middle income americans will be eligible for tax credits to buy obamacare. elizabeth macdonald is here with us. first of all, this is separate from medicaid, which you get
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for free, right? and these are subsidies paid to nearly 17 million people in the form of a tax credit. >> right. stuart: is that like cash in the hand? >> it is like cash. what we're seeing here is essentially the tax credits in health reform could amount to the cost of the u.s. taxpayer, could cost about $73 billion a year. the tax credits that are being given out to buy health insurance on the exchanges. we're seeing that they're being done on the honor system, meaning that the states are-- and the federal government is giving the amount upfront and then doing the audits after the fact to verify whether or not people qualify for it based on income. >> that reminds me of a mortgage. you say you earn money and you don't earn that money. it's the same with this kind of tax credit for a subsidy on obamacare, isn't it? >> that's why-- >> you can lie essentially. >> that's where there's concern at the fbi. the fbi talking to fox
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business. agents there telling fox business there is concern that fraud will grow after health reform, that there will be a lot of crime in health reform, in the exchanges. right now, for example, the earned income tax credit, a lot of fraud there. about 25% of that program is fraud. if you use those same rates, 20, 25% you're talking 20 billion a year potential fraud in tax credits given out under health reform. stuart: that's obamacare and that's fraud possibly within obamacare. >> correct. stuart: now you've got numbers on fraud within medicare and medicaid. you've got the numbers from the fbi. >> from the fbi as well. and they have dated it back to 2009. that's the best data they can get. they're saying anywhere, and it's a huge range, anywhere from 75 billion to 250 billion in existing health programs. stuart: that's medicare and medicaid. >> that's correct. stuart: forget obamacare. >> and other government health programs, correct. 75 billion to 250 billion. stuart: to a quarter trillion liz: right now health reform
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buried into the law, they're going to spend $350 million in taxpayer money to police health reform, to battle corruption and fraud and abuse in the system. stuart: okay liz: they're going to be auditing. stuart: this just rolls on, doesn't it? stay there, please, liz, a lot more coming. i'm going to stay on health care or health reform i should say. look at the insurer. nicole, show me one insurer that shows the story. nicole: i'd like to show you one with an up arrow. united-health group a great example down over 1/2 a percent and we're seeing aetna, wellpoint, cigna humana, down, down, down. and that chart actually tells the story because they fell off a cliff in middle of october and coming into november. that's precisely the time when the obamacare exchanges were rolling out with enormous amounts of trouble. so the health insurers are
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getting hit. nicole, stay right there. thanks indeed. i've got a developing story for you. this is something on the bright side, it's a positive. what you pay at the pump, gas prices below $3, if you look carefully in 33 states. all right. liz, oil dropped to $94 a barrel and actually touched 93 this morning, can we see more of this? >> yeah, i think you could. we haven't seen oil breaking above $100 a barrel since mid october and here is what's going on. the u.s. government's eia, energy information administration says basically gas prices are dropping because oil inventories are nearing record highs. why? raymond james and other wall street analysts saying u.s. oil production are nearing highs. u.s. oil production are offsetting mideast problems in places like libya. stuart: in a sea of negatives, gas prices dropping below $3 is a big plus in my book. >> and oil dropping as well. no longer can the mideast use
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it as a political, when it rams up. below $3 that's good for holiday spending. stuart: thank you, liz, for brightening our day liz: sure. stuart: back to capitol hill, senator johnnie isaacson, the senator from georgia. we know it, this is the big story of the day, the president promised americans that they can keep their health plans if they like them and now people are being dropped right, left and center from the plans. tell us the truth here, do you think he deliberately deceived us? >> well, the president's representation in 2009 was totally incorrect and obviously, has proven to be very misleading. as of yesterday, the insurance commissioner in my state estimated 400,000 gore georgians, lost what they had as a result of obamacare. stuart: i see it as a political crisis because i've got a new much bigger number from a duke
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university economist who says maybe up to 129 middle americans will lose the coverage which they've got now and which they like, that's the vast american middle class will be shoved away from the policies that they like, directly contradicting what the president told us. i see that as a huge political problem for the democrats. and you? >> well, it is. it's like trying to put a square peg in a round hole. it just does not work. i've been saying for months that in my opinion as a businessman who rolled out products that i tried to sell to the public in georgia when i ran my business, if it doesn't work, you cancel it and start over. this is going to implode under its own weight eventually. stuart: so you don't want-- ten democrats in the senate want an extension of the signup deadline beyond march 31st. it's not in the republicans' interest to go with that is it? your interest lies in letting this thing fall apart by itself? >> first of all, my first responsibility is to represent the people of georgia and if they're discriminated against
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on the employer mandate versus the employee mandate that probably should be fixed. as a public servant, i'm not going to play politics with this, i want to get it right or out of the way. i think it needs to get out of the way. stuart: do you think it's collapsing under its own weight right now? >> i think we're watching it unfold right now. i don't know it's fixable. shutting down the website an hour or two every night trying to tinker with it, security lapses taking place, and information going where it shouldn't be going. it's going to eventually collapse under its own weight whether it's two months or two years. stuart: what are you going to do about obamacare, you, sir, in the senate. >> we need to right the problems, there was a problem with health insurance and we should have the private sector do it not turn it into a government bureaucracy. i'm going to try and find solutions to the problem, the heart of success of our country. stuart: thank you for joining us on a very big day.
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>> thanks, stuart. stuart: appreciate it, thank you, senator. check the big board, where are we? yeah, we've opened lower. 78 points down, but look at the level, 15,561. let's get to another market that's very active, oil. $94 a barrel. down again today. we actually touched $93 at one brief stage this morning and gas prices are down. our retail vigilante, he's at it again. now he's here at kmart snapping pictures of a store that doesn't look too inviting to shop in rather than invest in. what you shop there because of the prices? is kmart close to demise? that's next. ♪ roxanne you don't have to wear that dress tonight, walking the streets for money, you don't care if it's wrong or if it's right♪ (announcer) at scottrade, our clients trade and invest
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>> look at this, we're coming back just a little. not much. but we're down 70 points as opposed to 80. where is the price of gold pegged this morning? not much changed. 1314 per ounce. here is more active and interesting market, oil. we're down 40 cents at 94. an indicator for future gas prices which are indeed coming down. good news for you. a couple big names that you know. more people are buying prescriptions, prescription drugs i should say, at cvs. that's good for the stock up 2%. and tesla reports after the bell today. remember, please, tesla is up 400% this year and up again in anticipation of that financial report later. up 2%, nearly 178 right now. all right. two weeks ago, it was sears. and now, brian brought his camera to kmart and show you pictures therein. there was a time when kmart--
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you're the man with the camera and out you go, you take nasty pictures of sears, their stores and now you've got kmart on the hook. what are you saying here, they're going out? >> well, i think when kmart was relevant i probably wouldn't have thought because i wasn't born yet. what i'm seeing is unkept, untidy stores. kmart is supposed to be one of the low priced leaders, with target and wal-mart. because the store is dirty and not invested in, as a consumer can you trust they offer the best price? and is the product safe as some of the pictures we took? >> wait a second, let's keep running the picture during the interviews, i want to see viewers to see what the interior of a kmart looks like. >> cover your eyes. stuart: attention some kmart shoppers, words some people never heard. people don't go to kmart for the atmosphere. they don't go for nice looking store shelves and clean carpet and floors. they go because they walk in
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and they see a price which is is very, very low. what they don't know, if it's low, because of the stores are so basically unkept. you can't trust they're the best possible price and secondarily some pictures we took, look at the coolers, lights out. is the food expired? you look at the battery section, the most atrocious thing you've ever seen covering retail companies in over ten years. stuart: battery acid. >> battery acid on the floor of the die-hard section. and what if i'm a dad and i have children crawling around. is it going to last a year. >> two weeks ago you came on board the show and showed us pretty bad pictures on the inside of sears. the stock went up. explain it? >> with he will, these are things that are going to build over time. so, over time you've seen sears become more irrelevant, you're going to see kmart become more irrelevant and in fact, kmart is irrelevant now, you look at same-store sales down for eight straight quarters and that did not happen. despite sears insertion, might
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be some macy's consultant. they're not investing in their stores and that's showing up in the factual financials. stuart: repeat that, eight consecutive quarters, and negative sales and kmart down. >> a sad fact, in 2005, kmart's operating margin was 4%, last year minus 1.4%. and all of these things may not show up in the stock price today, but five to enit years the companies may not be in business because of what they're doing in the stores. stuart: you're saying with that prediction? and sears riding it out and a historical note. >> absolutely. stuart: you're popular in some quarters? >> we're just getting started. stuart: it's interesting, a new style of analysis. >> thank you. stuart: you with a nt-- you want to tell us where you're going next. >> there's a tease, a tease on sunday, and out on monday morning. stuart: your site is, bell list capital. stuart: our retail vigilante,
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thank you, brian. there are three big races across the country this election day, they're foregone-- are they foregone conclusions? probably not, but pretty much. they tell a story today of major trends in politics. i'll be discussing that in my take, which is next. ♪
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>> big names you know in the news. the educational toy maker, sleep frog, cut its sales forecast, that's a no-no, down 8%. hey, please look at microsoft, which i own, the biggest winner on the dow. 52-week high, 36.46 that's retirement territory almost. we've gone almost 40 minutes and we haven't mentioned twitter yet. don't worry we have another twitter bull in the next hour and we found a hidden value in twitter that even facebook doesn't have. and the reality, hard core pawn,'s got crazy stories from his shop in detroit. it's election day, here is my take on content that set the tone and trend of the nation.
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number one, new york city will almost certainly elect bill deblasio as the next mayor. he's beat up the banks and worst of call, suppress school choice and supports the return of acorn, such is the state of politics in our figure cities. that's a terrible trend. the truth is productive people everywhere are swamped at the voting booth by the angry handout brigade. and number two, democrat may beat cuccinelli in virginia, and the press says cuccinelli-- there's enough support from the right, to hand the election to the left, the democrat. that's the lesson from virginia, split the right and the collectivists walk to victory. chris christie is likely to win another term in new jersey. that's fascinating, jersey is
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deep blue. christy is a republican. he's taken on the sacred cows of the left and beaten them. he won't raise taxes on the rich, but he wins new jersey. incredible. here is the question, is he the kind of republican who can win nationally? in my opinion, a big win today makes chris christie the front runner for the republican nomination in 2016. i've got one last one for and it's colorado. voters there will decide whether to raise taxes on people making more than $75,000 a year, that qualifies as rich in colorado. they keep lowering the threshold, don't they? my bet is it that the headlines tomorrow will be all about the evils of the tea party and a surge in tax the rich sentiment. the media will be able to turn away from the catastrophe of obamacare and get back to what they do best, bashing those americans who work hard and love freedom. i hope i'm wrong. [man]ask me... [announcer] ...every wish for a bed that could feel perfect under every part of your body...
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♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. question. are we watching the collapse of obamacare. we will take you inside the white house crisis meetings with the man who was in the oval office as bill clinton dealt with the monica lewinsky crisis and ask the judge when is deception and out right paula on what price is paid when we practice. ian days twitter goes public with our guest says this social
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network is a very big winner. china is in the news. are they going to beat us? is this fair century? our guest says nonsense to that. war stories from the porn shop in bankrupt detroit. here we go. ♪ >> if you like your health care plan you will be able to keep your health care plan, period. stuart: you heard the president. if you like you're playing your can keep it, that is far from the truth as several million people have already been told they cannot keep the plan they like. the president is accused of deliberate deception. his harshest critics say he lied. judge andrew napolitano i believe is one of those harsh critics. all rise. the judge is here. is the liar? judge napolitano: line is
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intentional deception. it appears he intentionally deceive ended appears because we now know from e-mails that have been revealed that this issue was debated in the white house between policy wonks and political wonks. the political wonks, people who advised him and manipulate his public image wanted him to be people to say you can keep your doctor, you can't keep your insurance policy period. when you say the word period, you are saying to your listeners everything that preceded the word i guarantee is the absolute truth, yet we know some of these policy people want him this is not going to be the case for millions of people but they chose to make a statement any way, seriously questioning whether it was true. stuart: had he told the complete unvarnished truth back then, maybe obamacare would not have been enacted andld have done far worse in the 2010 elections and his reelection in 2012. judge napolitano: correct. he faces the problem of
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obviously having lied and democrats fleeing for cover from him because they have to run for reelection. the entire house this year and one third of the senate this year do not want to be tarnished with this. the interesting thing to me is this is the same government that prosecute people for lying. why is it that if we lie to the government like martha stewart about whether or not she made certain phone call on a certain share of stock, in a conversation with an fbi agent wasn't under oath to a judge or jury during the course of which the fbi agent lied to her the fbi agent kept the job and she went to jail, why is it that if we lie to the government we can be prosecuted but the supreme court is expressly held that the government can wise to us with impunity? stuart: not with impunity. judge napolitano: legal impunity. stuart: there's a political price to be paid.
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judge napolitano: he will pitch that price if he is unable to govern especially if democrats plea from him because they have to face the voters again and cannot do so with a straight face embracing a lie. stuart: would you use the word? are you comfortable -- i am an immigrant, i love this country. i am uncomfortable calling the president of my adopted country liar. judge napolitano: clearly he uttered an untruth, knowing the and truth, he has attempted to change it after he uttered it. it was a centerpiece of his campaign in 2008, centerpiece of his campaign to get this passed. last night you and i were on with meghan kelly. her producers assembled almost all the times he said that. he got blue in the face you heard it so many times. he said it so many times in so many different venues but always the same way. if you like your policy you can keep it, if you like your doctor you can keep and looking in the camera as saying period. you cannot do that unless you know with certainty what you're saying is the truth.
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stuart: but he knew at the time, his administration knew at the time it wasn't true. charles: to the judge's point, to your point, what republican will come out now and say the president wide? i agree with you. judge napolitano: republicans are hurting because of the manner in which they are perceived by the public after the shutdown of last month. in a couple months the shutdown will be forgotten and republicans like pundits have been doing, how can we believe you? were you lying then or are you lying now? stuart: if any prominent republican comes out and says the president is a lawyer, then they suffer the political fallout for having used that harsh word about the president's. no republican will do it. judge napolitano: when the harsh word is true and demonstrably true republicans should not fear
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to articulate it. stuart: how about immigrants? judge napolitano: nicely put. stuart: thank you so much. new this hour, a testified under senate panel on obamacare, runs medicare and mckay and blame the web site at so years on contractors last week. what will she say today? probably the same thing. here are the headlines as she takes the oath again. 1 twenty-nine million people, sixty-eight% of the population will not be able to keep the health insurance they have. the new and much higher number from the duke university economist and young people are not signing up for health coverage. look at kentucky. 24% enrollees a under 35 years of age. please remember young people are crucial to the plan. they can't pay for the older people who will definitely sign up. the average age of new enrollees in michigan is 51 years of age.
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this has been called a death spiral in reference to the insurance industry because it is going down in a vicious circle. you agree? charles: it is a death spiral. for the insurance industry, a death spiral for obamacare. coming out of the, the gate opens and you crumble right then and there. i can't wait until we start to see numbers at, enrollee's under 27. those kind of things. from michigan, you would have thought the funds would have been jam than the average person would have been 22. it is a broken city. stuart: it is the -- fall apart as i speak. they join me? charles: the irony is everytime there's a small fix they will take a victory lap.
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everytime they put a little piece together, the sad part is they circumvented the normal way of doing business because they took 29 months longer, would have done right thing instead of having four choices and brought in more people, more consultants because the president wanted to have it at a specific time, that was october 1st, gigantic mistake with the web site itself. stuart: you would still have had these mass cancellations because of the structure of obamacare. charles: it was sold to us as a way of getting thirty million people health-insurance. now is being resold as cheaper is this, less that, people changing policies, everything was not sold as. stuart: the rental store is the economic impact it has on the american economy. stuart: no investment by
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business big or small. stuart: stocks pulling back after hitting new highss recently. we are down 95 points close to the low of the day. one stock is a winner, gt dance technologies up huge as this day. it was one of his picks, want to take the victory lap now? charles: less for the phones could deal with apple. and my son's phone is so cracked and broken. they do make the glass. you can't take a second victory lap. michael quarters. tell us how good is this morning. nicole: it could take another victory lap, okay with me. michael scores of 4.8%. stock is doing really well.
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i know we talked so much, you may remember coach at intense competition. michael course makes handbags and accessories and watches and the like and they have been doing really well. we saw their revenue from a rise raising the problem, north american same-store sales doing well, what is not to love. stuart: that is a big gain. e.u. holding on? charles: i don't know. i am grappling. the story is so phenomenal they may become victims of their own success. europe same-store sales up 45%. stuart: i thought they were broke. charles: the numbers broca's the think the job. i am grappling with it. stuart: twitter shares will be starting to trade on the market.
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social ceo, very bullish on twitter. you are not bullish on the stock. you are not a stock walker. >> i am coming at it from a perspective where second screen is the biggest thing happening, turned on its head, a campaign that dead. i will give the example. if you are watching television chances are you have an audit at open or iphone (you are following the conversation on twitter. it is compelling, the new way of advertising. for the leukemia and lymphoma society, some day, today, a campaign was launching during that show, silverback live as the commercial aired was engaging in a conversation as the leukemia and lymphoma society, as people were in ingesting the show on television the were prepping and having a conversation about the commercial about to be launched,
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they knew the campaign and we were having a conversation on twitter with millions of viewers that reinvesting it while they were watching the show. nothing else out there. it has ultimately changed. the dynamic is different because people can engage in a conversation in real-time and different clients and agencies can now parachute into the conversation. stuart: you are saying twitter as a platform for advertising. >> the most compelling advertising platform out there as a real-time conversation and examples like i just listed for sports events, as content is breaking, as information is breaking, oreo cookies during the super bowl and the blackout happen all the sudden within minutes, 20 to 30 minutes the attic and the oreo cookies, that is the direction the campaign is going. charles: what makes it so fantastic is there aren't any
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big commercial interruptions right now. as you start to get that stuff into monetize it, contract visit to the user? >> it becomes part of the culture. people used to lament about facebook, it will never have as many results or eds, people will grumble about it and acquiesce because this is the platform of choice and the reason i approach twitter and aim bullish is silverback his platform agnostic and software agnostic but we plan kelso's of the platforms that are compelling on behalf of brand partner is. mm-hmm jeter plus years, twitter, facebook, google plus, when we are trying to figure out what will have the most compelling conversion event and conversations so that brent can connect to 1 billion people on social platforms twitter has to be part of that. stuart: the pop up things that
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pop up a different. stuart: were you sick yesterday? and not getting any better. so twitter become all. >> it is because the immediate has changed. i am on the bandwagon and bullish on twitter. stuart: extraordinary so. you told me a lot that it did not know, thank you very much indeed. with a second. got it. look at the -- thank you very much. charles, welcome back. another big nanny and though, lower profits, is the stock down? >> this is a terrible stock, down 24%, doing better than it was earlier, coming of the lows but they faced more costs, that is not good news and also have cheap tickets under their umbrella but stock is down 23%. stuart: we have a bone to pick
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with this one. no more victory laps. let's turn to charles because you like that. charles: that was up big. time site is 2020. i'm thinking of that old song two out of three and bad. or real broken-down, real quick for the audience, stocks under $10, it is a lot riskier when they used to be a lot higher, $40 stock is under 10 like orbits or a sock that has never been over 10 but climbing so just a little bit of a learning lesson but i'm holding on to it because i think it has enough going for it that eventually it will be acquired north of 12 but is a big loser. stuart: when you are loyal, aren't you. charles: loyal or stupid or combination of both. stuart: we are going to take you inside the oval office. what happens when the white house is in crisis mode? doug shoen should know. he joins us to talk about spin like this. >> the law doesn't say to the
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insurance industry you drop coverage. the insurance industry decides, it will make money. whether private companies decided they will draw people put them in the exchange you blame president obama. he is not responsible for that. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutuafunds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses help the gulf when we made recover and learn the gulf, bp from what happened
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stuart: charles says he can make us some money with a home builder. charles: the street hits home builders. a great number for of them. the footprint they have. and accompanied the report and an amazing number. i think was the stock of the day. all the same stage, concrete sales were up 17%. aggregates were up significantly. these are all the things that are underpinnings of the housing market and residentials making it, rental equipment to buildings, that stock is going through the roof. a lot of evidence the street is missing something. significantly oversold. this ought to go up 30% or 40%. stuart: so far you have had two out of three, the third was a dreadful loser and now you are trying to make a come back.
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charles: every day. stuart: the white house doing some damage control. don't blame the president, blamed those nasty insurance companies who dropped you. doug shoen knows a thing or two about crisis mode in the white house and joins us now. tell us, what is going on in the white house right now? >> to put it simply and directly, the obama team is trying to save the obama presidency and they are doing everything and anything they can to deflect blame from the president, a president who has made statements as you and others have said that have proven just not to be true about obamacare. stuart: are they sitting in the oval office with the president and valerie jarrett and who else is there? second place in the oval office? >> absolutely. the director, press secretary jay carney, they are trying to figure out a way out of a mess of their own creation and bottom line, there don't appear to be obvious answers.
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stuart: are they doing, what kind of job are they doing? they are blaming the insurance blaming everybody. >> the american people are forgiving. if you explain we thought we were right, we got it wrong, there's a slight alteration, we feel badly but what we said before isn't strictly speaking the case, okay but they are not doing that. believing the insurance company, parsing words, making arguments that just aren't true for political reasons. one thing they're not doing is reaching out to the republicans. stuart: that is true. i said earlier today that i think obamacare is falling apart, collapsing. can they save the presidency? if i'm right and obamacare is falling to pieces, and they say that? >> not with the strategy they are using because if you are
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right and you may well be, you are not heading in the right direction. they need to reach out, get the website fixed but more than that make sure the program delivers the benefits and right now with people being dropped, young people as you said not signing up, they are in crisis mode, playing politics rather than trying to fix a broken system. stuart: this white house never reaches out to the republicans. charles: they reach out when they put this thing together. >> i will tell you a little story. i know lots of political people and they are always proud to say i get calls from the white house or this or that. and none of them here from the president and air men. it is the narrow group. they are not reaching out technologically, substantively, politically. it is a white house in isolation in crisis. charles: do you sense with the election in virginia today that everyone is going to sort of start to focus within your party on the clintons again? distance ourselves from the
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president, hillary will be the nominee, bill is helping people get elected. is there a sense everyone should -- no sense in trying. the president is unresponsive to everybody. >> let's be very clear. if and when terry mcauliffe whins in virginia today in a red stain, bottom line this is a victory for bill and hillary clinton, in a certain sense it is a robust for obama even though he campaigned this weekend, this is a reprieve for the clintons of their fund-raising and political clout. stuart: must be tents in the oval office. >> i have been there during the government shutdown in '95 and '96 and the monica lewinsky scandal. it has got to be tense because they just didn't tell the full truth, they haven't reached out and they haven't been straight with the american people. hard to make policy when that happens. stuart: thanks for taking us back to the center of the action. someone writes a book about the ceo of amazon and the company
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and a ceo's life goes on amazon and trashes the book. great stuff. auld details next with the dow down 92.
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stuart: look at the big board. we are down $85.86. that is where we are.
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how is this? healthcare, the top percentage loser on the s&p 500, costs up, profits down, stock up 10%. that is the property for obamacare. look at jacobi, the brio joined in a new all-time high of 537 backed up the little. this is chipotle at 5:35. amazon.com allows negative product reviews from consumers. it just got one from none other than the wife of the amazon founder jefferies those, she gives a one star review to the everything store. she goes on to say this. numerous factual inaccuracies are certainly troubling in a book promoted as opposed to jealously research definitive history they are not the biggest problem here. the book is also full of techniques which stressed the boundaries of nonfiction and the result is a lopsided and misleading portrait of the people and culture at amazon.
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amazon is a statement calling stone secretive saying he was given many opportunities to bring a more balanced viewpoint to the book. i don't think he ever actually interviewed geoff bass us the right to give the greatest innovator of the century. charles: he is in the top 5. i just said i love you. you took a company public and told wall street you are going to do this your way and he has done it his way. as far as this stone guys concerned he will make minor changes to the book based on this party to review but what a wife. every husband want their wife to come to their defense. in an eloquent way, my wife wrote a book, someone trashed the book about my wife i couldn't have said -- all my tweets would have been four letters and cross outs, so eloquently.
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stuart: on amazon. charles: yes. stuart: did she say obnoxious things personally or was it just -- charles: i don't know. it feels like maybe he ruffled some feathers. got to remember he met his wife along time ago. she is pretty defensive but she did it more intelligently than i would have. stuart: some telling election seems on this election day. democrat bill de blasio is a shoe in in new york to replace michael bloomberg. he is a hard left and very much tax the rich kind of guy. and colorado voting on a measure that define the rich as anyone making more than $75,000 or more. 75 grand makes you rich in colorado? charles: imagine that. of all states, their leading the way with marijuana and everything else but we have a
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serious problem where people forgot how we became the greatest country in the world and jealousy, envy, hatred, stirred by politicians beginning in the highest office of this country will have major ramifications. our dna is still there. we have people who believe in this country, bobby been entrepreneurship and accountability but more and more success is a four letter word, more and more being extraordinary is a bad thing. stuart: tax the rich looks like a successful program in some parts of the country. new york, this guy will win in new york by 40 points. he is all about taxing the rich. charles: a crazy race, in seattle, going to the furthest left. if you look at all these places, whether it is washington dc or new york, city or state, income inequality has gotten worse. the higher the taxes have gone the social welfare has gone up,
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the wider income inequality it becomes the cause you get a group of people and say we will reward you for mediocrity and anything that happens in your life is not your fault. in the meantime we will punish the rich. rich people have a way of finding ways around obstacles. they will pay more taxes but they will find a way to make it up somewhere but the person you are trying to make comfortable with an extra cellphone is not going to move the needle in their life. stuart: when is gold is back with us, the star of hard-core porn. he has some story for us, were stories, you name it from the life of a pawnbroker in d 4. stories like this one. >> zombie apocalypse is coming. pretty sure. the weather is changing. meteors falling from the sky. >> i can't say i believe in the zombie apocalypse but as long as
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he is talking immigration. you are calling that a peer that? >> he is trying to put that on fat, get the health care reform and all the problems with healthcare.gov off of the front page by a meeting with eight ceos to talk about immigration reform, also remember the politics of this, the president and the democrats trying to protect their constituency with hispanic voters. stuart: he is not going to white obamacare of the front page. there is a news conference in a couple of hours. i want you to listen to what happened yesterday. >> you said you can bypass the website and applied by phone and in person and it can be done in 25 minutes that these memos sad an end of the day we are stuck in the same queue because they go through the same portal. >> the first person who calls
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isn't the one who continues to wait after the application is filled. >> the president said you could apply in 25 minutes but that was not true. >> it goes through healthcare.gov but you have done the work -- i give a. stuart: our viewers were watching the turning of the establishment media of against obama and obamacare. will we get more of the same today? >> absolutely. that has been happening every day. if not john carl from abc news it is another reporter or colleague from fox news, chuck todd from nbc has been tough on jay carney and these briefings and i am in there for a number of them and they are getting pretty heated. stuart: we want to hear all about it. take a look at some tech stocks, blackberry, the day after we put this on deathwatch look at bill up 3%.
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always happens. aol profits down 90% but stocks' rally because it wasn't as bad as the experts thought it would be and we have pandora, listeners up, the stock is up 3%. all right, everybody. you have been waiting for this. pun is going to regale us with stories of his pawnshop in bankrupt they troy to. welcome back. i take it the business is good? is always good. >> if we don't get it one way, if people don't partner merchandize which we're seeing happening because the economy in detroit is getting better so we see an uptick in the retail. it could have gotten worse. it was still bad but the way detroit is coming back, dan builders, nations coming in, buying the streets, it is coming back. stuart: i was not looking for spin but that is what i am getting but i am looking for
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some stories. we gave our viewers, the guy about the zombies. that is a crazy story. you got a couple sad stories. >> there are always sad stories. when people a desperate they will do anything. in 1968 world series champion, there championship ring because he needed to make ends meet. he was out of work, a little bit older now, had a health issue so he needed some money. that is the sad story, an iconic figure when i was a kid. stuart: i you a nice enough guy to give him an extra good deal because of who he was? >> we did. we gave him 40% more than the item was actually worth. we are upon shop so people on their -- he didn't sell it, he pawned it. we are short-term lenders so utilize our services. stuart: some have the stories. enough of the sadness. >> we have a reality show that happens to be on tuesday night
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on true tv. and we are on all over the world so we have a lot of work, we're very recognizable, people stop us on the seat. stuart: less gold. you have tourists from overseas who track to detroit to see you in your pawnshop? >> spain, italy, australia, they come from everywhere, now pawnshops are mainstream. people come in 4 deals. you don't have to go to your mall jewelry store to buy his watch. he can come -- pecan come to the pawnshop and we offered gold down 25%. legal on the price of the metal. stuart: you are telling me pawnshops' nowadays are retail establishments. >> people now have gone mainstream into pawn shops. people all over the world go to local pawn shops and walking
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with christmas lists. they come in with christmas lists and on our website, pawnshops' have web sites, we really focus on retail end love it because we have gone mainstream. such rate deals, you don't have to go to the internet, don't have to go to your local mall. go to your local pawn shop come to detroit you will save money. stuart: somebody comes into upon something, you got to give a low price so that you can resell that item and make a significant profit at retail. >> let me tell you how it works. we give approximately 60% of the number we have in mind what the item is worth so we want you to come back, we talked about it before, 90% of people come back to their merchandize but the 10% that do not we need to sell it. we need to get a low-margin,
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10%, 15%. charles: is still a countereconomic indicator. you are not generating economic activity. no one is making the watch, selling the watch, the buyer benefits. it is a counterindicator because i'm trying to save money. >> watch you are wearing that you bought yesterday and the watch i could sell you purchase six weeks ago, we give warranties, still give, make sure the item is working correctly whether it is electronics or computer or a watch or a diamond. charles: the economy growing at 7% gdp, your business would go down. >> that is part of it. we have so many -- we have so many indicators because when the economy is bad our online gets longer. when the economy is better it gets shorter and retail gets better but if you have a credit
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card -- stuart: they queued the heart because they never saw -- i am going to. i will take out of here if i am allowed to do this on live television a $20 bill. i'd bet that you make more money from your tv show -- >> do i win my bottom line? i have to understand, are we including people who come in from the show? stuart: total gross profits generated by your show are greater than the total gross profits made in detroit. 20 bucks says the show is the greater profit place. you got to prove it. >> when you have me on next i will bring you the numbers. when tv goes away i will still be doing okay because we have a pawn shop. that is the reason. don't misunderstand me. tv now allows people to come in
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and understand the importance of saving money purchasing merchandise from us. stuart: i have been told -- legal just been on to me, not allowed to gamble on television. >> good excuse. i tell you another good story. red-eye comes in the other day with a vintage hundred dollar bill. from 1928. he thinks it is worth $1,000. he wants 5 and the dollar or $600 to buy. it meant so much that i took and pond for $90. a $100 bill. that is the prime indicator of a story you would never have expected to hear today. stuart: less bold, walking charity. observe, everybody. paying him. this tape of this. are you coming back? >> anytime.
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stuart: when you got to prove it. i will never see again. great stuff. >> thank you for having me. stuart: are we losing economic ground to china? are they going to be us? absolutely no way. he laughs at statements like that and this. >> forgive that. don't ask. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade-proud to be ranked
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stuart: testifying before a senate committee facing questions on the rollout of obamacare. kathleen sebelius testifies again tomorrow. here are obamacare headlines, twenty-nine million people, sixty-eight% of the population will not be able to keep the health insurance they have, that from the duke university economist. kaiser family foundation says seventeen million middle-income americans will be eligible for tax credits to reduce the cost of their insurance under obamacare. with all this news on obamacare look at the health insurers, not good. they were down in the past week, down again today as obamacare runs into trouble. coming back a little, we were down triple digits at the top of
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the best or nothing. introducing the 2014 s-class. help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. stuart: nicole petallides has the story on target, something they're doing to get people in stores for christmas shopping. nicole: looking at target because it began old ipad, of the first generation once you got a long time ago, target is running a promotion like walmart where you can bring in your roll
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back or products and get and give cardboard's a new one. doesn't sound that. $200 worth of gift cards. doesn't sound terrible, time to upgrade. stuart: it is not moving the stock but it is a good story. thank you. charles says he will make us some money and the company he likes is i robot. charles: and interesting company, made a lot of new money, the awards winding down, remarkable job on the home side, to do all the work for you. all these other things you put down and a mop and sweep. stuart: the robot goes after a catch in a quarter. is that one? stuart: they may not like that commercial. but the home robot business has done well predictably last quarter, internationally up in sales but missed the street, the street overreacted.
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they have an interesting thing, they have this robot, time magazine did an article and it is how to spot on workers, complete -- you are there, it is video, trying to get costco to help solve this thing. what i like is how the company has been able to segway when things are not going well to something else going well. it is more risky than normal because they missed the last quarter but i like it. stuart: they are a spying operation. charles: they can help you find your employee. it is a winner. stuart: 3d systems, a new high being traded heavily. we discussed 3d printing a lot on this program. what is going on? charles: this is a company that printed the rope for us. this is a stock, just got an e-mail from the office earlier matching average daily volume, there's a rumor ibm is interested.
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i don't buy that but i do think big names in the industry should take a look at these names instead of trying to start this business from scratch. stuart: a 3d printing company. a new report says people with money think that china is going to beat us, overtake us by the end of the decade. our next guest says not so fast. michael caine is here. welcome back to the program. this poll and that is all is shows if you make $50,000 a year you are more likely to think that china beats us. i want to break this into various areas. these people say they will be us on the issue of the deaths. what do you say? >> first point is right. it is just a pole. it represents notions and perceptions rather infects. we need a few facts on this. in terms of the amount of u.s. public that there's a huge mess, 100% or 50%, a huge amount, it
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is 8%. stuart: they only unknown 8% of the debt, u.s. public does. charles: it is $1 trillion. >> $1.2 trillion in the context of $16.4 trillion it is not 100% and the spelling of that myth out there. stuart: they say they think the chinese are going to beat us militarily by the end of this decade. >> you hear senator mccain talking about this all the time. china spends $100 billion on defense but the reality is that it is less than 15% of what the u.s. spends on defense plus it has 1.2 billion people. stuart: they are not spending very much. we spend a lot more and we are high tech. brands. brands in some ways will overtake our brands or swamp our brands. what is that? >> their key to the context of
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soft power. they have 32 of the top brands on the fortune 500 but america owns the top five, apple, ibm, microsoft, they are the top five owned by the u.s. and we got to understand it is not just about a checkbook, it is about access to creative entrepreneurial ship america has over china, access to start of financial systems the u.s. has. it is also access to the cutting edge university research the u.s. has over china, aspects of human rights and so on and so forth. stuart: they will not be us. that would be nonsense. we are running out of time. just a moment, everyone. [ male announcer ] need help keeping your digestive balance in sync?
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>> marilyn tavenner, who runs medicare and medicaid, testifying before a senate hearing today. so far she has said the wait time for the obamacare exchanges is getting better and she promises they will be fully operational by the end of this month. she is also said that it is still contractors who are to blame for the very poor rollout of the obamacare exchanges. now yesterday we shared with you a story from the "wall street journal" about a
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woman with stage 4 gallbladder cancer. her insurance had been canceled. she can't see the doctors she credits with keeping her alive. she blames obamacare. now think progress a leftist group wrote up piece debunking her argument. i quoted, she is losing her sunday and doctor because of a business decision her insurer made within the competitive dynamics of the california health market. the piece explains, says, united health dropped their coverage because they struggle to compete in california's individual market for years and they don't want to pay for sicker patients like sundby. to add insult to injury. white house chief of staff dan pfeiffer tweeted that out. >> period i were promised that wouldn't have it. >> leftist blaming her. >> gutless. >> gutless. dagen. it yours. dagen: thank you so much, stuart. the future of the republican party can be boiled down to two
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governors races to be decided tonight. one in new jersey and the other in virginia. the president trying to qualify about what he said keeping your current health plan under obamacare. who is picking up what he is putting down. immigration summit underway at the white house. the administration says more than a trillion dollars is on the line with the leaders of these companies. money well-spent for dodge. wait until you hear how many durangos that dude sold. all that and another anchorman is here. mr. connell mcshane on this hour of "markets now." connell: stay class sir, southern virginia. that's it. dagen mcdowell's home state and focus today. not as an exciting election as maybe, i don't know, last year but, or -- dagen: or new york city. connell: that one is pretty much a foregone conclusion unless every poll is wrong but dagen's home state of virginia we'
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